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By calling the number listed, your call will be directed to a third-party with licensed and certified Medicare agents, Van Berg Insurance Services; CA License #0G30664. For accommodation of persons with special needs at meetings, call (877) 833-4253 TTY: 711 Recently eligible or would like to learn more about Medicare? Attend one of our ONLINE, free, no-obligation seminars to understand your Medicare options. Visit our site to join an educational Medicare 101 Webinar canopy.vanbergins.com (877) 833-4253 TTY 711 Partners in Health about Medicare? Donald Dimitruk • 831-464-6464 donald@countrysidefinancial.com • www.ReverseMortgageOpportunity.com Registered Financial Consultant® Registered Mortgage Advisor DRE#10902537 NMLS#232493 Professional Mortgage Associates Established in 1978. YOU CAN SHARE THE DREAM Reverse Mortgage Questions answered on the phone FREE • No Obligation • Just Answers Celebrating 42 Years in Business! Are you ready to age in place? Clear explanations of exactly how a Reverse Mortgage can work for you! Call for information and a quote! Premium Hearing Healthcare Dr. Jeannine is the only board- certified audiologist in the Santa Cruz and Monterey area. She diagnoses and treats hearing loss and specializes in tinnitus. At Harmony Audiology, solutions are tailored to your needs and values with a focus on patient- centered care. www.harmonyaudiology.com (831) 854-2882 820 Bay Avenue, Suite 210 Capitola, CA 95010 JeanneAnne ("Jeannine") Ramacho-Talley, Au.D., CCC-A, CH-TM American Board of Audiology Certified Do I Have To Pay A Penalty When I Refinance A Reverse Mortgage? By Donald Dimitruk, RFC RMA Before you can refinance a Reverse Mortgage, you must first pass a finan- cial evaluation set by HUD that ensures that the action is beneficial for you. There must be a large enough rate reduc- tion or financial gain for the homeowner to comply with the safety standard set to protect seniors from lenders and loan servicers who merely want to churn their portfolio over for a profit. It would be wise to contact a trusted source to evaluate your current loan simply by sending them a copy of your monthly statement and date of the original loan closing as there is an 18-month sea- soning requirement before a new reverse may be had. For homeowners, the 5-5 rule can help determine weather refinancing will be beneficial. This rule, established by the Na- tional Reverse Mortgage Lenders Association, says that when refinancing a Reverse Mortgage: *The increase in the principal amount must be equal to or more than 5 times the loan closing costs. *Loan proceeds must be equal to or more than 5% of the amount being financed. The borrower also must qualify for the new loan, but the good news is that the criteria for qualify- ing for the original loan may be the same used to qualify for the new one, demonstrating financial stability and enough equity to support the new principal loan amount. There are many reasons why a reverse refinance could make sense. It may have been many years since you closed your original loan and rates have lowered to historical lows that will save you more equity in the long run or it makes more sense to switch from an adjustable to a fixed rate. Perhaps your home has appreciated in value, and you have additional equity you'd like to tap into and lower the rate as well. There is one alternative to refinancing that most people aren't aware of and that is you may be able to modify your existing loan to receive a monthly pay- ment for the rest of your life or monthly payments for a fixed period as an al- ternative to any refinance at all and save all that time and expense. This may work for you if you started off with an adjust- able loan and only took a small draw at the begin- ning. If that is the case for you, simply contact your loan servicer, the one that sends you a monthly state- ment, and have a conver- sation about your options for adding a Tenure Payment! You'll thank me for this tidbit of golden advice if this works for you when you throw away all those obnoxious pieces of mail that look like official notices from your lender that constantly fill the mailbox, knowing that you smartly avoided the whole process! The bottom line is that there is no prepayment penalty in a Reverse Mortgage and there are many good reasons to look at your options and alternatives for best practices in retirement planning, just like when you first considered this remarkable pro- gram. It's all about your personal situation and your financial retirement success. Donald Dimitruk is a Registered Financial Consultant and a Regis- tered Mortgage Advisor and is available for a FREE consultation at Countryside Financial Services. 831-464-6464